But for now, that’s not happening, Cramer said, arguing President Donald Trump has the upper hand. “The president is saying, ‘You know what guys [China]… we got more staying power than you, particularly with your stock market collapse.'”

While the Dow Jones industrial average opened off more than 300 points, or about 1.3 percent, at Tuesday’s open on Wall Street, the carnage in China was far worse.

“There were 1,000 stocks that were down 10 percent in China. Is that good for the Chinese? Are they sitting there saying, ‘Let’s have a real [trade war], bring it on?’ No. They’re going to have to support a lot of stock. It costs them a fortune,” Cramer said.

The Shanghai and Shenzhen stock markets overnight dropped 3.8 percent and 5.77 percent, respectively, after President Trump late Monday asked the U.S. trade representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent.

That would be on top of the 25 percent import tariffs on up to $50 billion of Chinese products that Trump announced Friday. Those tariffs are set to start July 6. Chinese President Xi Jinping‘s administration has responded with 25 percent tariffs on $34 billion of U.S. goods.

Cramer said “so what” to the argument that China could also start selling U.S. Treasurys as another way to get back at the U.S. “We could use a little inflection in the yield curve,” he added.